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All You Need To Know About SBI Personal Gold Loans

The repayment of principal and interest are commenced from the month, following the month of disbursement in case of SBI personal gold loans.

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All You Need To Know About SBI Personal Gold Loans

The minimum amount that can be availed under SBI's personal gold loan is Rs 20,000.


State Bank of India's Personal Gold Loan scheme enables applicants to avail personal loan against pledge of gold ornaments. Eligible forms of physical gold to avail a Personal Gold Loan from SBI include gold coins sold by banks. Individuals at least 18 years in age with a steady source of income including State Bank of India (SBI) employees and pensioners are eligible to take personal gold loans on a single or joint basis, according to the bank's corporate website - sbi.co.in. (Also read: All you need to know about State Bank of India Gold Deposit Scheme)

Here are some of the key features to know about State Bank of India's Personal Gold Loan scheme:

Interest rate

SBI offers an interest rate of 1.25 per cent above the MCLR (marginal cost of funds-based lending rate) for one year in case of personal gold loans. The bank's one-year MCLR stands at 8.5 per cent with effect from April 10, 2019, according to the SBI website.

That means an interest rate of 9.75 per cent is applicable for the SBI Personal Gold Loan scheme.

(Also read: SBI home loans become cheaper)

Loan amount

The minimum amount that can be availed under SBI's Personal Gold Loan scheme is Rs 20,000, and the maximum amount that can be availed is Rs 20 lakh, according to the SBI website.

Repayment mode and period

The repayment period of SBI Personal Gold Loan is 36 months. The repayment of principal and interest are commenced from the month following the month of disbursement, according to SBI.

Documents required

Applicants are required to produce an application for gold loan with two copies of photograph and proof of identity along with proof of address, according to the SBI website.

Processing fees and other charges

SBI charges a processing fee of 0.50 per cent of the loan amount plus applicable GST. Applicants are also required to pay gold appraiser charges, according to the bank's website. 

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